Kalifornia Pensions Unaffordable by $500 Billion, Another Grand Socialist Stuff Up

Kalifornia is one of the states the left sought to conquer first in their long march to take over the United States of America. Along with New York and Illinois and some mid western states of economic importance, this would be the jewel in the left’s grand plan.

Conquer it they did, and as the left do everywhere they gain control, they ruined Kalifornia. Its now a bankrupt derelict shell facing massive economic collapse.

I don’t like to be the bearer of bad news readers, but if there is one lesson I have learned in life it is that one must always strive to see things as they really are. Delusion is for the left. We on the right deal in reality.

Kalifornia has been ruled by leftists delusionists for too long and now pays the price. (don’t mention Schwarzneggar, just a hopeless Hollywod commie posing as a Republican, like so many of them) They have spent far too much money for decades. When it was obvious to even blind Freddy that they were spending too much, they went on spending.

California’s three largest pension systems have promised $500 billion beyond their current ability to make those payments to retirees, according to a study released to today by Stanford University Professor and former Democratic Assemblyman Joe Nation and a student researcher

The worthless Schwarzneggar was replaced by Gerry Brown, another communist who knows no other way to govern other than tax and spend. There’s no way out for Kalifornia. They have voted themselves into economic oblivion.

Look for the parallels readers.

Stanford study pegs California pensions’ shortfall at $500 billion



Categories: American Politics, Economics

20 replies

  1. “We on the right deal in reality”
    That’s rich coming from a christian.

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  2. Hmm…so faith and reality can’t co-exist? Atheists deal in faith and nevertheless claim to be able to deal in reality. So–according to your little sarky braindead comment–atheists have some special pipeline to reality that’s denied to Christians.
    Interesting theory. For teenagers. Most grown-ups (some very famous scientists among them) see it differently.

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  3. RB – I saw this quote the other day and thought you’d enjoy it.

    “Homosexuality – invented in New York, perfected in California.”

    To be fair to Schwarzenegger every time he tried to rein in spending the Dems out-voted him. Also he married a Shriver, and with her strong Dem background she would have ground him down……

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  4. @KG
    Looks like I hit a nerve there!

    My faith is in hard scientific evidence, not faily tales passed down and embellished through generations, and of which no evidence has ever been found to prove them as anything more.

    I enjoy reading both your and RB’s blogs and agree with most of what you say, but can’t help rolling my eyes whenever god etc. is mentioned.

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  5. Oops. That should read “fairy tales”.

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  6. “Looks like I hit a nerve there! ”
    Nope–I’m not a Christian in the usually accepted sense of the term. But arrogant atheists irritate the hell out of me. Talk all you like about the absence of evidence, but absence of evidence is not evidence of absence, to paraphrase somewhat.
    And atheists have built a faith on the absence of evidence.
    Your “hard scientific evidence” has been proved time and again to be wrong and latterly even that term has become hopelessly compromised.
    None of which matters. Faith is faith, inexplicable in the gross, materialist way so many atheists demand. And the faith of Christians and the Judeo-Christian belief system has worked very well indeed where Western civilisation is concerned. Look at the alternative–a faithless, moral-relativity swamp where anything goes and the arbiter of what is right and decent is no more than what feels good. A person with nothing to believe in is a blank slate for any totalitarian to write on. A Christian is not.
    I know what society I’d prefer to live in.

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  7. Well said, KG – and amen 😉

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  8. PS It’s no surprise that the socialist left is inundated with “arrogant atheists”. And that Kalifornia is the natural outcome of atheistic Marxism/socialism at its best is also no suprise. It is no coincidence that Marx [and all his deluded followers] saw [see] Democracy as founded upon Judeo-Christian principles and values, and especially Christianity as the enemies which had to be destroyed first before Marxism could be ushered in.

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  9. @Kris K
    Just saw your blog so would not expect any other response from you.
    @KG
    You’re obviously well practiced at shooting down anyone that does not agree with your religious views so I’m never going to win there. Let’s agree to disagree (on the whole is there a god thing anyway. Other than that I like what you say).

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  10. @ Kris K
    Funny how you associate atheism with Marxism/socialism. Did it ever occur to you someone can be a conservative and an atheist at the same time?

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  11. 🙂 ok Mike. It’s a discussion I could really enjoy over at CR, should you ever feel inclined. The intention isn’t so much to shoot down an atheist’s viewpoint as point out the benefits of having a faith.

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  12. Mike, its really a thrill to have someone smarter than Albert Einstein commenting on my blog.

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  13. “Did it ever occur to you someone can be a conservative and an atheist at the same time?”

    Yes it did, Mike.
    But that doesn’t refute the fact that Marxism/socialism is for all intents and purposes founded upon atheism. Much in the same way as conservatism is founded upon Judeo-Christian principles and values, and that most Bible based Christians are also conservatives.

    Would I be correct in assuming you still embrace Judeo-Christian principles, Mike?

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  14. According to Thomas Sowell Reader, there are no more Trust Funds or pensions in the US, because it has already been spent.

    As a purely formal, paper transaction there is a trust fund. Money comes in from the millions of paychecks from which there has been withholding under the Federal Insurance Contributions Act—the FICA listed on paycheck stubs. The Social Security system then uses this money to buy interest-bearing securities from the Treasury Department. When cash is needed to pay retirees, some of these securities are sold to get the money to pay them their Social Security pensions.
    Still looking at form, rather than substance, this system has the further political advantage that the securities held by the Social Security system are not counted as part of the national debt, because it is one government agency owing money to another. What that means is that, when the government spends more money than it receives in taxes, it spends money from FICA to cover the difference and gives the Social Security trust fund an I.O.U. that does not count as an I.O.U. in figuring the annual deficit or the accumulated national debt.
    If only we could all make our debts disappear so conveniently! But we are not the government, making up our own accounting rules.
    Turning from form to substance, what the government is doing is spending the Social Security money for current outlays, not only for pensions to retirees, but also for everything from Congressional junkets to nuclear missiles. What is left in the trust fund for future retirees, including the large and much-feared baby boomer generation, whose pensions are scheduled to cost trillions in the twenty-first century?
    What is left is a promise to pay them. That is precisely what would be left if there were no Social Security trust fund. Treasury securities are nothing more than claims against future revenues from general taxation. Social Security can of course also draw against the continuing inflow of FICA from workers, but everybody knows that this source will be completely inadequate to pay what will be owed to the baby boomers.
    The staggering amounts needed to make up the difference—greater than the costs of financing a major war—will have to come from somewhere. Either there will be huge.

    increases in tax rates on those still working or some form of welshing on the promises made to retirees. No doubt there will be creative compromisers who will come up with some judicious blend of higher taxes and partial defaults, whether by inflation to reduce the real value of the pensions, an older retirement age or higher taxes on Social Security income, in order to take back with one hand part of what was given to retirees with the other.
    No matter how it is done, it will always be possible to photograph the checks that Social Security recipients receive, thereby “proving” that there has been no default. The question is: How much comfort and reassurance that will be to a generation that knows it has been cheated out of what they were promised and paid for, even if they cannot follow the accounting sleight-of-hand by which it was done?
    No, Virginia, there really is no Social Security trust fund. Politicians have already spent it, behind their smoke and mirrors.

    Link to article in Google Books – http://books.google.co.nz/books?id=hxmQ2W-yGiwC&lpg=PP1&dq=thomas%20sowell%20reader&pg=PA78#v=onepage&q=thomas%20sowell%20reader&f=false

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  15. I’ll be back. Yeah right you moron muscle jerkster.

    Terminate a fuckiwt – thanks Arnold!@!

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  16. watch fat gerry telling lies about chch redzone and stupid walrus and rip off fickwit insurance pricks.

    thank fuck i am on a nikau crane in redzone 2moro.

    Hows Graeme Taylor and poofter kiwiblog these days?

    Haha bring back Jesus.

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  17. Can peter davis tell us how much money his wife Helen Clark has made from socialism?

    I mention peter davis over at Farrars faggot farm I get banned 4 a friggin year.

    I don’t understand said a simple Peter who liked fishing.

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  18. And today screaming banshee Annette King announces she may stand for mayor in Wellington.
    With lefty Fran directing local government now its looking bad for the capital.

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  19. Maybe mad annutte can see the fran dyke full moon? my cow is not called helen.

    That shithole Wellydead deserves the mad maggots!

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  20. “Homosexuality – invented in New York, perfected in California.”

    Not bad Mawm, not bad at all. Brought a few others to mind-

    Practiced in the Libertarianz.. (until they’re perfect)

    Closeted on Kiwiblog.

    Relished on Red Alert..

    Like

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